Olefins in Asia Move Higher on Market Tighteness

3:26 PM MDT | August 3, 2010 | Lindsey Bewley

Naphtha price levels maintained last week at USD 660.0 -662.0 CFR Far East due to low demand for derivatives. An outage at Formosa is expected to take longer to resolve than previously announced. Large volumes of Naphtha have been booked for the month of August from Asia to the Western part of the world, due to growing inventories. Meanwhile, ethylene moved up last week from USD 810-820 to USD 840-850 FOB Korea. The market has been firming up after the fall in prices over the last few weeks. Players say there have been surplus volumes of ethylene in the...